Exports, Consumption Boost German GDP In Second Quarter

Exports, consumption boost German GDP in second quarter

FRANKFURT, (Pakistan Point News - APP - 12th Augst,2016) - Expanding exports and domestic consumption pushed Germany's economy -- Europe's biggest -- to grow slightly faster than expected between April and June, preliminary data showed on Friday. With a 0.4 percent increase in calendar- and seasonally-adjusted terms, gross domestic product (GDP) grew slightly slower than the previous quarter's 0.7 percent, a statement from Federal statistics office Destatis said.

That was twice as fast as analysts surveyed by Factset had predicted. "Compared with the previous quarter, positive impulses came from the trade surplus. Preliminary estimates showed exports increased compared with the first quarter of 2016," the statisticians said. "Private consumption spending and state consumption spending also bolstered growth," the statement went on. Compared with the same period in 2015, the economy showed growth of 3.1 percent -- "stronger than at any time in the past five years", Destatis said. But there were some weaker spots in the overall picture. "Growth was slowed by weak net investment, especially in facilities and construction, where less was invested after a strong first quarter," the statisticians said.